Question
In: Finance
Your firm has taken out a $451,000 loan with 8.6% APR (compounded monthly) for some commercial...
Your firm has taken out a $451,000 loan with 8.6% APR (compounded monthly) for some commercial property. As is common in commercial real estate, the loan is a 55-year loan based on a
15-year amortization. This means that your loan payments will be calculated as if you will take 15 years to pay off the loan, but you actually must do so in 55 years. To do this, you will make
59 equal payments based on the 15-year amortization schedule and then make a final 60th payment to pay the remaining balance. (Note: Be careful not to round any intermediate steps less than six decimal places.)
a. What will your monthly payments be?
b. What will your final payment be?
Solutions
jeff jeffy answered 3 months agoRelated Solutions
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less than six decimal places.)
When you make your first payment, __________ $
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QUESTION
When you make your first payment, $????? will go
toward the principal of the loan and $???? will go toward the
interest
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